A question about : Protected rights = no TFLS ?
Hi all,
I was having a check through some documents for a deferred Royal Mail Pension.
Background is that I only worked for RM for around 5 years, but because I transferred in 2 x small pensions from previous employers and 1 x personal pension, I actually have 11 years worth of service in pension terms.
( each transfer bought me X years, X months )
That's all pretty standard stuff, but I refreshed myself with the documentation re transfer of the personal pension.
The gist of the letter was that because this personal pension consisted of Protected Rights, it could only be used to buy a pension, and not a TFLS.
The personal pension bought me 3 years and few months in RM scheme, so it represents over 25% of total RM pension..
To be honest when I read the letter, I did then recall reading the PR condition at time, but not really thinking ahead.
Question really is: Is it usual that Protected Rights prevents taking TFLS, or would it be something that has been designated by the rules of the RM scheme ?
Ta
Best answers:
- The transfer of the PP (protected rights or not) into the RM scheme bought you the benefits in that scheme so that you now have a deferred pension that you can take under the rules of the RM scheme?
Depending on when you joined, you could be in Section A/B which appears to offer a pension for life and a lump sum or in Section C which offers a pension for life with the possibility of commuting some of the pension for a lump sum?
See https://www.royalmailpensionplan.co.uk/1/home and ring the Administrator for information on your particular situation and options. - Hi xylophone, appreciate the speedy response, cheers.
Yes I am in Section C
In a few months I will be writing to RM to get figures for taking pension @ 55 ( NRA is 60 ) - have to wait until 3 months before 55th birthday to request figures.
Hopefully, IF there are any issues re Protected Rights it will come to light then.
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